Top 10 Best States for Retirement in America

Should you settle by the beach or in the mountains? Do you prefer golf or cross-country skiing? Perhaps most importantly, where do your kids, grandkids, friends and health care providers live? Those are deeply personal questions. In an effort to find some objective answers to the where-to-retire question, Bankrate crunched a bevy of statistics on costs of living, public health and other metrics.

For this study, Bankrate looked at five broad categories: affordability, wellness, culture, weather and crime. We acknowledge there’s plenty of subjectivity in choosing a place to live in retirement. If you own a paid-off home in a high-cost area like Boston or San Francisco, maybe affordability isn’t a priority for you. And, of course, not everyone likes the sweltering summers of the Sun Belt states that populate the top of our rankings.

“This is a deeply personal decision, and there’s a lot of subjectivity, and so we’re trying to add some objectivity,” Jeff Ostrowski, Bankrate.com analyst, tells CNBC Make It. “I think the most important thing is where you feel comfortable, where your kids are, where your doctors are and where your friends are.”

Although Georgia ranks at the top of the list this year, Ostrowski says it was neck and neck with Florida. However, Bankrate’s emphasis on things like affordability propelled Georgia to the top. The state has light tax burdens and ranks 3rd in terms of affordability.

List of top 10 best states for retirement in 2021 - 2022

1. Georgia

Affordability rank: 3

Wellness rank: 32

Culture rank: 41

2. Florida

Affordability rank: 14

Wellness rank: 24

Culture rank: 15

3. Tennessee

Affordability rank: 1

Wellness rank: 42

Culture rank: 29

4. Missouri

Affordability rank: 3

Wellness rank: 34

Culture rank: 34

5. Massachusetts

Affordability rank: 42

Wellness rank: 1

Culture rank: 12

6. Wyoming

Affordability rank: 17

Wellness rank: 28

Culture rank: 10

7. Arizona

Affordability rank: 16

Wellness rank: 27

Culture rank: 40

8. Ohio

Affordability rank: 19

Wellness rank: 31

Culture rank: 32

9. Indiana

Affordability rank: 7

Wellness rank: 41

Culture rank: 45

10. Kentucky

Affordability rank: 14

Wellness rank: 46

Culture rank: 47

More information on top 5 best states for retirement in 2021

5. Massachusetts: Nobody retires in the expensive Northeast, right? Massachusetts does rank poorly in affordability, placing 42nd overall. However, Massachusetts ranks No. 1 in wellness, our second most-important category.

4. Missouri: Fourth-place Missouri is affordable and has a comparatively moderate climate. However, its culture, crime and wellness scores are subpar.

3. Tennessee: This state ranks No. 1 in affordability, thanks to the combination of below-average living costs and a small burden from local and state taxes. Tennessee’s weather also is near the head of the class. Its rankings in crime and wellness drag down its overall score.

2. Florida: The Sunshine State has long been a haven for retirees. If you like a warm climate, Florida has the second-hottest temps, right behind Hawaii. However, the high incidence of hurricanes and tornadoes hurts Florida’s weather ranking. The state scores well on culture (No. 15). If you’re looking for retirement-age friends, you’ll have a good chance of finding them in this state where 21 percent of the population is 65 and older. That’s the second-largest share of 65+ folks of any state, Census data show. And Florida finished so close to Georgia in our ranking that the results were nearly a draw.

1. Georgia’s affordability - determined by a cost-of-living index and state tax rates - propelled the state to the top spot. Georgia came out the winner, as reported by Bloomberg, followed closely by Florida and Tennessee, in a list released by Bankrate that weighted things like affordability and weather. Two states farther north -Missouri and Massachusetts - rounded out the top five. Maryland came in last, as it did in the previous ranking in 2019. According to CNBC, the data is meant to provide a starting point for those aiming to narrow down their options. “If you’re thinking of moving to some other part of the country, use this ranking as a way to maybe open up about some possibilities you hadn’t thought of,” Ostrowski says.

The golden years

According to Reader's Digest, the expectations of what retirement means have changed over the decades. Over a fifth (22.9 percent) of Americans are now over the age of 60, and as life expectancy continues to rise alongside improvements in healthcare and medicine, more and more of us are living the good life (post our working lives) for longer. If you’re approaching the age of retirement (or you’re lucky enough to have a bank account that’s bringing that age down), chances are you’ve thought about moving, maybe to the best city for your generation. Whether you’re looking to be closer to family, closer to the sun, or simply want to spend all your time on that one particular favorite hobby (fishing, ice sculpting, pickleball?) there might be a state or city that caters to your needs better than your current location.

The best states to retire in 2021 by Bankrate’s Study

According to Bankrate’s study, Georgia is the best state to retire, followed by Florida, Tennessee, Missouri and — surprisingly — Massachusetts. Maryland, on the other hand, held last place in our ranking. The state was dragged down by a lack of affordability and by mediocre scores on culture and weather.

Georgia? Affordability is one big selling point. The state combines a low cost of living and a light tax burden to rank No. 3 in affordability.

Weather is another strong point. The state has an average annual temperature of 64 degrees, fifth-warmest in the nation. Earthquakes are rare, and tornado risk is about average. The one downside is hurricanes — Georgia’s small coastline puts it at risk of tropical cyclones.

Georgia places in the middle of the pack in our rankings of wellness and crime. The state’s only weak spot is in the culture category — the Peach State has one of the nation’s lowest percentages of over-65 residents, and it ranks near the bottom in arts and entertainment establishments per capita, based on a Bankrate analysis of Census data.

The rest of the top five states to retire:

• Florida: The Sunshine State has long been a haven for retirees. If you like a warm climate, Florida has the second-hottest temps, right behind Hawaii. However, the high incidence of hurricanes and tornadoes hurts Florida’s weather ranking. The state scores well on culture (No. 15). If you’re looking for retirement-age friends, you’ll have a good chance of finding them in this state where 21 percent of the population is 65 and older. That’s the second-largest share of 65+ folks of any state, Census data show. And Florida finished so close to Georgia in our ranking that the results were nearly a draw.
• Tennessee: This state ranks No. 1 in affordability, thanks to the combination of below-average living costs and a small burden from local and state taxes. Tennessee’s weather also is near the head of the class. Its rankings in crime and wellness drag down its overall score.
• Missouri: Fourth-place Missouri is affordable and has a comparatively moderate climate. However, its culture, crime and wellness scores are subpar.
• Massachusetts: Nobody retires in the expensive Northeast, right? Massachusetts does rank poorly in affordability, placing 42nd overall. However, Massachusetts ranks No. 1 in wellness, our second most-important category.

The 10 Worst States To Retire In:

1. Maryland
2. Minnesota
3. Kansas
4. Montana
5. Alaska
6. Maine
7. Arkansas
8. Alabama
9. Idaho
10. Connecticut

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